August 7 – the fast-approaching last day before the Senate’s summer recess – is seen as an important deadline to finalize the Clarity Act this year. Crypto insiders expect the bill to be introduced as early as early next week, which would be in line with what Senate Majority Leader John Thune previously indicated. The bill could take several days to reach a final vote.
Earlier on Tuesday, CoinDesk reported that a White House official said Trump agreed to “the most comprehensive and expansive ethics provision in history,” although the actual language he agreed to has not yet been shared with Democrats. As of press time, it was still unclear whether Democrats had seen the exact language. Still, the administration argued that it had “bent over backwards” to satisfy Democrats, suggesting it would be their fault if the legislation did not move forward.
Trump’s agreement to a crypto constraint on his own business ties raises important questions about how his involvement would be far enough away to meet the limit. The president and his family are deeply connected to several crypto business initiatives, including their stake in World Liberty Financial. While Trump has insisted he is not conflicted about his administration imposing crypto policies that affect his own businesses, Democratic lawmakers have openly accused him of corruption.
